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U.S. Seeks to Quickly Curb Iran Oil After Scrapping Deal

  • Sanctions ‘effectively’ go into place immediately: Mnuchin
  • U.S. goes after other nations, reinsurance to curb shipments
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Volatility in Oil Market to Come from Iran Deal Withdrawal
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The U.S. is giving its allies 180 days to extricate themselves from Iranian oil deals, making explicit its desire to start curbing the nation’s crude exports quickly in a bid to go after Tehran’s economic lifeline.

The sanctions “effectively” go into place immediately, U.S. Treasury Secretary Steven Mnuchin said after President Donald J. Trump announced the withdrawal from the Iran nuclear agreement. In a document accompanying the announcement, the Treasury Department gave an unequivocal "Yes" to the question of "Will the United States resume efforts to reduce Iran’s crude oil sales?"